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Weak rise in US industrial output | Weak rise in US industrial output |
(20 minutes later) | |
US industrial production rose a meagre 0.1% in January, official figures have shown, the latest indication of weakness in the US economy. | US industrial production rose a meagre 0.1% in January, official figures have shown, the latest indication of weakness in the US economy. |
January's data from the Federal Reserve was the same as December's figure, and in line with market expectations. | January's data from the Federal Reserve was the same as December's figure, and in line with market expectations. |
Output was mixed across the various manufacturing sectors, with carmakers and mining firms seeing production fall, while computer makers saw a rise. | Output was mixed across the various manufacturing sectors, with carmakers and mining firms seeing production fall, while computer makers saw a rise. |
Fed chairman Ben Bernanke on Thursday warned of a weaker economic outlook. | Fed chairman Ben Bernanke on Thursday warned of a weaker economic outlook. |
The Fed cut interest rates twice in January to try to boost the struggling economy. | The Fed cut interest rates twice in January to try to boost the struggling economy. |
'Ugly' | 'Ugly' |
Keith Hembre, chief economist at FAF Advisors in Minneapolis, described the latest figures from the Fed as "ugly". | Keith Hembre, chief economist at FAF Advisors in Minneapolis, described the latest figures from the Fed as "ugly". |
This could put additional downward pressure on the dollar Sarah Bloomfield, Centre for Economics and Business Research | |
"It's another recession-type reading," he said. | "It's another recession-type reading," he said. |
Other US economic data for January have been equally gloomy. | Other US economic data for January have been equally gloomy. |
While the service sector contracted for the first time in almost five years, overall employment levels fell for the first time since August 2003. | While the service sector contracted for the first time in almost five years, overall employment levels fell for the first time since August 2003. |
Yet at the same time, there was a surprise rise in retail sales, which increased by 0.3%. | Yet at the same time, there was a surprise rise in retail sales, which increased by 0.3%. |
And some advance data on manufacturing output, the Empire State purchasing managers index produced by the New York Fed, also showed a sharp drop. | And some advance data on manufacturing output, the Empire State purchasing managers index produced by the New York Fed, also showed a sharp drop. |
Sarah Bloomfield, economist at the Centre for Economics and Business Research, said the Fed's latest industrial production data was further evidence of the impact of the US housing slump. | |
"This could put additional downward pressure on the dollar," she said. |
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